The PZU Group performs numerous reporting duties prescribed by Polish law.
Tax reporting enhances the PZU Group’s transparency, promotes the credibility of entities among investors and other stakeholders and instills trust in Group companies. Companies belonging to the PZU Group operate in compliance with the prevailing tax law, on the basis of the Tax Group’s Tax Strategy for 2021-2023 and by following the “PZU Group’s Tax Policy” and other internal tax procedures.
Tax Group
- PZU Życie
- PZU Centrum Operacji
- PZU Pomoc
- Ogrodowa – Inwestycje
- PZU Zdrowie
- Omicron BIS
- PZU Lab
- Ipsilon
- Tulare Investments
- PZU Cash
- LINK4
- PZU Finanse
- PZU Projekt 01 SA
- Business, operational and accounting processes under the PZU Group operations, taking into account correct implementation of tax obligations and processes;
- PZU TG and its Companies carried out several tax settlements of their actions pursuant to the prevailing tax law.
- The PZU TG accepts only a low level of tax risk in its operations and manages tax risk in accordance with this principle. PZU TG actions are aimed at eliminating tax risks, in particular through timely payment of tax liabilities and submission of tax returns, as well as fulfillment of other liabilities resulting from the tax regulations, taking into account not only the literal wording of the regulations, but also their purpose;
- The PZU TG and its member Companies take necessary measures to avoid situations that could lead to violation of the tax law. The business decisions of the PZU TG and the Companies are made on the basis of assessing the impact of tax risks.
- PZU TG does not engage in aggressive tax planning nor does it plan or execute intentional transactions of artificial nature, whose main purpose or one of the objectives is to achieve a tax benefit. In particular, PZU TG does not apply solutions which could be regarded as tax avoidance or evasion;
- PZU TG companies are not domiciled in tax havens. Furthermore, PZU TGdoes not settle accounts with other entities domiciled in tax havens in order to reduce its tax liabilities in Poland;
- The PZU TG carefully analyzes all transactions and the registered offices of its business partners in order to avoid entering into cooperation with business partners who may use solutions aimed at reducing their taxes in Poland.
- PZU Group companies do not have any tax arrears – they pay their liabilities by the deadlines designated by the tax laws. The annual tax review and the audit of the financial statements performed by the statutory auditor confirm that these calculations are correct. The competent tax office issues a certificate on not having any overdue taxes in response to requests submitted by PZU Group companies.
PZU Group companies calculate and pay tax liabilities for the following taxes, among others:
- corporate income tax (CIT);
- personal income tax (PIT);
- value-added tax (VAT);
- withholding tax (WHT);
- tax on civil law transactions (PCC);
- tax on certain financial institutions (asset levy) (FIN);
- real estate tax (DN-1).
- real estate tax (DN-1).
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Social consultation
PZU Group companies participate through the Polish Insurance Association in the process of government legislation and pronounce their opinions during social consultations on bills to change the tax laws. These actions are meant to serve both the social and the economic interests.
In connection with the amendment to the Corporate Income Tax Act, since 1 January 2021 some taxpayers are obliged to publish information on their tax strategy. The PZU Group satisfies this obligation, referred to in Article 27c of the CIT Act, and the information on the tax strategy it pursues can be found at its website.
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Income tax per country
The PZU Group is one of the top 10 payers of the corporate income tax in Poland.
The corporate income tax (CIT) per country (million PLN)
(PZU Group, Pekao Bank Group, Alior Bank Group)
| 2020 | 2021 | |||||
| Profit (loss) before taxation | Income tax paid | Effective interest rate | Profit (loss) before taxation | Income tax paid | Effective interest rate | |
| Poland | 7,453.6 | 1,817.7 | 24.4% | 9,817.6 | 1,936.1 | 19.7% |
| Lithuania | 105.8 | 15.0 | 14.2% | 118.2 | 56.0 | 47.3% |
| Ukraine | 50.7 | 14.5 | 28.6% | 13.4 | 9.5 | 71.0% |
| Latvia* | 70.6 | 0.0 | 0.0% | 42.8 | 0.0 | 0.0% |
| Estonia* | 29.8 | 0.0 | 0.0% | 23.5 | 0.0 | 0.0% |